<p>亞洲的柴油市場結構進一步放軟，背景是 1 月份區域供應持續充足，以及東西套利價差在這一週內受到壓縮。</p>
<p>本週，多個東北亞的煉油廠逐步完成了一系列 1 月份的現貨銷售，成交價格相比上週有更大的折扣。</p>
<p>然而，根據一些貿易來源，印尼的 Pertamina 確實出現了一些對 2500ppm 硫含量柴油貨物的即時採購興趣。具體細節尚無法確認。</p>
<p>前一個月的東西價差維持在每公噸略高於 35 美元的折扣水平。</p>
<p>煉油利潤（GO10SGCKMc1）回落至約 19 美元/桶的三個月低點。</p>
<p>同樣，現金差價（GO10-SIN-DIF）進一步軟化至每桶 37 美分的溢價，繼續徘徊在六個月低位。</p>
<p>週四至週五，航空燃料的活動略有增加，一些煉油廠開始參與 1 月份的銷售——儘管討論的溢價略低。</p>
<p>市場受到亞洲裝載的航空燃料出口套利窗口關閉的影響，以及更多的波動性貨物在 1 月份湧入亞洲。</p>
<p>根據 LSEG 船舶跟蹤數據，印度可能在 12 月份向東南亞出口超過 130,000 公噸的航空燃料。</p>
<p>然而，重整（JETREG10SGMc1）略微擴大至每桶超過 40 美分的溢價，因為柴油市場的軟化速度更快。</p>
<p>新加坡現金交易</p>
<p>- 沒有柴油或航空燃料的交易</p>
<p>庫存</p>
<p>- 阿姆斯特丹 - 鹿特丹 - 安特衞普（ARA）煉油和儲存中心獨立持有的精煉油產品庫存本週上升 1%，達到自 10 月中旬以來的最高水平，荷蘭諮詢公司 Insights Global 週四的數據顯示。</p>
<p>新聞</p>
<p>- 據兩位熟悉委內瑞拉石油出口操作的消息人士透露，委內瑞拉週四授權兩艘非常大型油輪（VLCC）啓航前往中國，這將是自美國上週扣押一艘載有委內瑞拉石油的船隻以來，第二和第三艘離開該國的超級油輪。</p>
<p>- 美國週四對 29 艘船隻及其管理公司實施制裁，針對德黑蘭的 “影子艦隊”，美國稱其出口伊朗石油及石油產品。</p>
<p>- 油價在週五小幅下跌，預計將連續第二週收低，因為俄羅斯 - 烏克蘭和平協議的前景上升，抵消了對委內瑞拉油輪封鎖造成的供應中斷的擔憂。</p>
<p>價格</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>中間餾分</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>現金（$/桶）</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>現貨柴油 0.25%</td>
<td>78.44</td>
<td>-1.28</td>
<td>79.73</td>
<td>(GO25-SIN)</td>
</tr>
<tr>
<td>GO 0.25 差價</td>
<td>-0.17</td>
<td>-0.06</td>
<td>-0.11</td>
<td>(GO25-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.05%</td>
<td>77.99</td>
<td>-1.28</td>
<td>79.28</td>
<td>(GO005-SIN)</td>
</tr>
<tr>
<td>GO 0.05 差價</td>
<td>-0.62</td>
<td>-0.06</td>
<td>-0.56</td>
<td>(GO005-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.001%</td>
<td>78.98</td>
<td>-1.29</td>
<td>80.27</td>
<td>(GO10-SIN)</td>
</tr>
<tr>
<td>GO 0.001 差價</td>
<td>0.37</td>
<td>-0.06</td>
<td>0.43</td>
<td>(GO10-SIN-DIF)</td>
</tr>
<tr>
<td>現貨航空燃料/煤油</td>
<td>80.83</td>
<td>-1.22</td>
<td>82.06</td>
<td>(JET-SIN)</td>
</tr>
<tr>
<td>航空燃料/煤油差價</td>
<td>1.67</td>
<td>-0.08</td>
<td>1.75</td>
<td>(JET-SIN-DIF)</td>
</tr>
<tr>
<td>有關衍生品價格（包括利潤）的列表，請雙擊下面的 RICs。</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Brent M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1</td>
<td>(GOSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1/M2</td>
<td>(GOSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M2</td>
<td>(GOSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M1</td>
<td>(JETREGSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M2</td>
<td>(JETREGSGMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1</td>
<td>(JETSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1/M2</td>
<td>(JETSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M2</td>
<td>(JETSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M1</td>
<td>(GOSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M2</td>
<td>(GOSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M1</td>
<td>(JETSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M2</td>
<td>(JETSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西 M1</td>
<td>(LGOAEFSMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西 M2</td>
<td>(LGOAEFSMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1</td>
<td>(LGOAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1/M2</td>
<td>(LGOASPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M2</td>
<td>(LGOAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M1</td>
<td>(LGOACKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M2</td>
<td>(LGOACKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>

<p>亞洲柴油市場因區域供應過剩和套利價差收窄而疲軟。東北亞煉油廠的 1 月份現貨銷售折扣加大。印尼的 Pertamina 對高硫柴油表現出興趣。煉油利潤率跌至三個月來的低點，現金差價也有所減弱。航空燃料活動略有增加，但對美國的出口套利機會已關閉。印度向東南亞出口了超過 130,000 公噸的航空燃料。阿姆斯特丹 - 鹿特丹 - 安特衞普（ARA）地區的石油庫存上升了 1%。由於對俄羅斯 - 烏克蘭和平前景的預期以及對委內瑞拉油輪封鎖的擔憂，油價下跌</p>

<p>Asia's diesel market structures softened further, against a backdrop of lengthy regional supplies for January and a squeezed east-west arbitrage spread through the week.</p>
<div class="lb-trans"><p>亞洲的柴油市場結構進一步放軟，背景是 1 月份區域供應持續充足，以及東西套利價差在這一週內受到壓縮。</p>
</div><p>A slew of January spot sales were done progressively through the week by various northeast Asia-based refiners, with deals done at wider discounts compared to last week.</p>
<div class="lb-trans"><p>本週，多個東北亞的煉油廠逐步完成了一系列 1 月份的現貨銷售，成交價格相比上週有更大的折扣。</p>
</div><p>However, some prompt buying interest for more 2500ppm sulphur gasoil cargoes did emerge from Indonesia's Pertamina, according to some trade sources. Exact details could not be confirmed.</p>
<div class="lb-trans"><p>然而，根據一些貿易來源，印尼的 Pertamina 確實出現了一些對 2500ppm 硫含量柴油貨物的即時採購興趣。具體細節尚無法確認。</p>
</div><p>Front-month east-west price spreads hovered at discounts of slightly more than $35 per metric ton.</p>
<div class="lb-trans"><p>前一個月的東西價差維持在每公噸略高於 35 美元的折扣水平。</p>
</div><p>Refining margins (GO10SGCKMc1) slipped back to three-month lows of around $19 a barrel.</p>
<div class="lb-trans"><p>煉油利潤（GO10SGCKMc1）回落至約 19 美元/桶的三個月低點。</p>
</div><p>Likewise, cash differentials (GO10-SIN-DIF) softened further to premiums of 37 cents a barrel, continuing to hover at six-month low levels.</p>
<div class="lb-trans"><p>同樣，現金差價（GO10-SIN-DIF）進一步軟化至每桶 37 美分的溢價，繼續徘徊在六個月低位。</p>
</div><p>Jet fuel activity picked up slightly on Thursday-Friday, with some refiners starting to engage in their January sales - though premiums discussed were slightly lower.</p>
<div class="lb-trans"><p>週四至週五，航空燃料的活動略有增加，一些煉油廠開始參與 1 月份的銷售——儘管討論的溢價略低。</p>
</div><p>Markets were slightly weighed on by closed export arbitrage windows for Asia-loading jet fuel to the U.S. west coast markets, and more swing barrels hitting hit Asian shores in January.</p>
<div class="lb-trans"><p>市場受到亞洲裝載的航空燃料出口套利窗口關閉的影響，以及更多的波動性貨物在 1 月份湧入亞洲。</p>
</div><p>India is likely to export more than 130,000 metric tons of jet fuel to southeast Asia for December so far, LSEG shiptracking data showed.</p>
<div class="lb-trans"><p>根據 LSEG 船舶跟蹤數據，印度可能在 12 月份向東南亞出口超過 130,000 公噸的航空燃料。</p>
</div><p>Regrade (JETREG10SGMc1) however widened slightly to more than premiums of 40 cents per barrel, as gasoil markets softened at a quicker pace.</p>
<div class="lb-trans"><p>然而，重整（JETREG10SGMc1）略微擴大至每桶超過 40 美分的溢價，因為柴油市場的軟化速度更快。</p>
</div><p>SINGAPORE CASH DEALS</p>
<div class="lb-trans"><p>新加坡現金交易</p>
</div><p>- No deal for gasoil or jet fuel</p>
<div class="lb-trans"><p>- 沒有柴油或航空燃料的交易</p>
</div><p>INVENTORIES</p>
<div class="lb-trans"><p>庫存</p>
</div><p>- Refined oil products stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 1% on the week to their highest since mid-October, data from Dutch consultancy Insights Global showed on Thursday.</p>
<div class="lb-trans"><p>- 阿姆斯特丹 - 鹿特丹 - 安特衞普（ARA）煉油和儲存中心獨立持有的精煉油產品庫存本週上升 1%，達到自 10 月中旬以來的最高水平，荷蘭諮詢公司 Insights Global 週四的數據顯示。</p>
</div><p>NEWS</p>
<div class="lb-trans"><p>新聞</p>
</div><p>- Venezuela on Thursday authorized two very large crude carriers (VLCC) to set sail for China, according to two sources familiar with Venezuela's oil export operations, which would be only the second and third supertankers to depart the country since the U.S. seized a ship carrying Venezuelan oil last week.</p>
<div class="lb-trans"><p>- 據兩位熟悉委內瑞拉石油出口操作的消息人士透露，委內瑞拉週四授權兩艘非常大型油輪（VLCC）啓航前往中國，這將是自美國上週扣押一艘載有委內瑞拉石油的船隻以來，第二和第三艘離開該國的超級油輪。</p>
</div><p>- The United States imposed sanctions on Thursday on 29 vessels and their management firms as Washington targeted Tehran's &#34;shadow fleet&#34;, which it says exports Iranian petroleum and petroleum products.</p>
<div class="lb-trans"><p>- 美國週四對 29 艘船隻及其管理公司實施制裁，針對德黑蘭的 “影子艦隊”，美國稱其出口伊朗石油及石油產品。</p>
</div><p>- Oil prices ticked down on Friday and were set to close lower for a second straight week, as rising prospects of a Russia-Ukraine peace deal offset concerns over supply disruptions from a blockade of Venezuelan oil tankers.</p>
<div class="lb-trans"><p>- 油價在週五小幅下跌，預計將連續第二週收低，因為俄羅斯 - 烏克蘭和平協議的前景上升，抵消了對委內瑞拉油輪封鎖造成的供應中斷的擔憂。</p>
</div><p>PRICES</p>
<div class="lb-trans"><p>價格</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>MIDDLE DISTILLATES</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>CASH ($/BBL)</td>
<td>ASIA CLOSE</td>
<td>Change</td>
<td>Prev Close</td>
<td>RIC</td>
</tr>
<tr>
<td>Spot Gas Oil 0.25%</td>
<td>78.44</td>
<td>-1.28</td>
<td>79.73</td>
<td>(GO25-SIN)</td>
</tr>
<tr>
<td>GO 0.25 Diff</td>
<td>-0.17</td>
<td>-0.06</td>
<td>-0.11</td>
<td>(GO25-SIN-DIF)</td>
</tr>
<tr>
<td>Spot Gas Oil 0.05%</td>
<td>77.99</td>
<td>-1.28</td>
<td>79.28</td>
<td>(GO005-SIN)</td>
</tr>
<tr>
<td>GO 0.05 Diff</td>
<td>-0.62</td>
<td>-0.06</td>
<td>-0.56</td>
<td>(GO005-SIN-DIF)</td>
</tr>
<tr>
<td>Spot Gas Oil 0.001%</td>
<td>78.98</td>
<td>-1.29</td>
<td>80.27</td>
<td>(GO10-SIN)</td>
</tr>
<tr>
<td>GO 0.001 Diff</td>
<td>0.37</td>
<td>-0.06</td>
<td>0.43</td>
<td>(GO10-SIN-DIF)</td>
</tr>
<tr>
<td>Spot Jet/Kero</td>
<td>80.83</td>
<td>-1.22</td>
<td>82.06</td>
<td>(JET-SIN)</td>
</tr>
<tr>
<td>Jet/Kero Diff</td>
<td>1.67</td>
<td>-0.08</td>
<td>1.75</td>
<td>(JET-SIN-DIF)</td>
</tr>
<tr>
<td>For<br/>a list of derivatives prices, including margins, please double click the RICs<br/>below.</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Brent M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1</td>
<td>(GOSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1/M2</td>
<td>(GOSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M2</td>
<td>(GOSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M1</td>
<td>(JETREGSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M2</td>
<td>(JETREGSGMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1</td>
<td>(JETSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1/M2</td>
<td>(JETSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M2</td>
<td>(JETSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-Dubai Cracks M1</td>
<td>(GOSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-Dubai Cracks M2</td>
<td>(GOSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet Cracks M1</td>
<td>(JETSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet Cracks M2</td>
<td>(JETSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>East-West M1</td>
<td>(LGOAEFSMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>East-West M2</td>
<td>(LGOAEFSMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1</td>
<td>(LGOAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1/M2</td>
<td>(LGOASPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M2</td>
<td>(LGOAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Crack LGO-Brent M1</td>
<td>(LGOACKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Crack LGO-Brent M2</td>
<td>(LGOACKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>中間餾分</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>現金（$/桶）</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>現貨柴油 0.25%</td>
<td>78.44</td>
<td>-1.28</td>
<td>79.73</td>
<td>(GO25-SIN)</td>
</tr>
<tr>
<td>GO 0.25 差價</td>
<td>-0.17</td>
<td>-0.06</td>
<td>-0.11</td>
<td>(GO25-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.05%</td>
<td>77.99</td>
<td>-1.28</td>
<td>79.28</td>
<td>(GO005-SIN)</td>
</tr>
<tr>
<td>GO 0.05 差價</td>
<td>-0.62</td>
<td>-0.06</td>
<td>-0.56</td>
<td>(GO005-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.001%</td>
<td>78.98</td>
<td>-1.29</td>
<td>80.27</td>
<td>(GO10-SIN)</td>
</tr>
<tr>
<td>GO 0.001 差價</td>
<td>0.37</td>
<td>-0.06</td>
<td>0.43</td>
<td>(GO10-SIN-DIF)</td>
</tr>
<tr>
<td>現貨航空燃料/煤油</td>
<td>80.83</td>
<td>-1.22</td>
<td>82.06</td>
<td>(JET-SIN)</td>
</tr>
<tr>
<td>航空燃料/煤油差價</td>
<td>1.67</td>
<td>-0.08</td>
<td>1.75</td>
<td>(JET-SIN-DIF)</td>
</tr>
<tr>
<td>有關衍生品價格（包括利潤）的列表，請雙擊下面的 RICs。</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Brent M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1</td>
<td>(GOSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1/M2</td>
<td>(GOSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M2</td>
<td>(GOSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M1</td>
<td>(JETREGSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M2</td>
<td>(JETREGSGMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1</td>
<td>(JETSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1/M2</td>
<td>(JETSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M2</td>
<td>(JETSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M1</td>
<td>(GOSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M2</td>
<td>(GOSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M1</td>
<td>(JETSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M2</td>
<td>(JETSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西 M1</td>
<td>(LGOAEFSMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西 M2</td>
<td>(LGOAEFSMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1</td>
<td>(LGOAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1/M2</td>
<td>(LGOASPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M2</td>
<td>(LGOAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M1</td>
<td>(LGOACKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M2</td>
<td>(LGOACKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div>

由於供應擔憂加劇，柴油市場結構進一步疲軟